Investment in Unconsolidated Entities and International Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments in Unconsolidated Entities and International Investments

Summary of equity method investments and share of income from such investments, balance sheet

	March 31,		December 31,
	2020		2019
Assets:
Investment properties, at cost	$	19,500,080	$	19,525,665
Less - accumulated depreciation		7,493,263		7,407,627
		12,006,817		12,118,038
Cash and cash equivalents		844,940		1,015,864
Tenant receivables and accrued revenue, net		445,799		510,157
Right-of-use assets, net		180,638		185,302
Deferred costs and other assets		371,875		384,663
Total assets	$	13,850,069	$	14,214,024
Liabilities and Partners’ Deficit:
Mortgages	$	15,328,574	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		789,129		977,112
Lease liabilities		182,465		186,594
Other liabilities		362,323		338,412
Total liabilities		16,662,491		16,893,899
Preferred units		67,450		67,450
Partners’ deficit		(2,879,872)		(2,747,325)
Total liabilities and partners’ deficit	$	13,850,069	$	14,214,024
Our Share of:
Partners’ deficit	$	(1,248,877)	$	(1,196,926)
Add: Excess Investment		1,504,586		1,525,903
Our net Investment in unconsolidated entities, at equity	$	255,709	$	328,977

Summary of equity method investments and share of income from such investments, statements of operations

	For the Three Months Ended
	March 31,
	2020		2019
REVENUE:
Lease income	$	743,849	$	758,979
Other income		74,515		75,922
Total revenue		818,364		834,901
OPERATING EXPENSES:
Property operating		147,030		144,721
Depreciation and amortization		171,479		170,258
Real estate taxes		68,390		68,717
Repairs and maintenance		19,615		22,376
Advertising and promotion		22,753		24,326
Other		50,229		49,316
Total operating expenses		479,496		479,714
Operating Income Before Other Items		338,868		355,187
Interest expense		(156,640)		(156,016)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		21,587
Net Income	$	182,228	$	220,758
Third-Party Investors’ Share of Net Income	$	92,859	$	112,668
Our Share of Net Income		89,369		108,090
Amortization of Excess Investment		(20,840)		(20,792)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		(9,155)
Income from Unconsolidated Entities	$	68,529	$	78,143